Operator: Vale S.A.

Location: Labrador, Canada

Royalty: 2.7% NVR (all metals)

Term of Royalty: Life of Mine

Voisey’s Bay is an open-pit mine, owned and operated by Vale Newfoundland & Labrador Ltd., a subsidiary of Vale S.A. Voisey’s Bay is located in the province of Newfoundland & Labrador, Canada, approximately 35 kilometers southwest of the town of Nain and 80 kilometers northwest of Natuashish.

Operations at the Voisey’s Bay open-pit mine began in 2005. Ore is processed at a 6,000 tonne per day mill facility that produces two types of concentrate: nickel-cobalt-copper concentrate and copper concentrate. Nickel concentrate is processed at the Long Harbour Processing Plant (LHPP) hydrometallurgical processing facility in Long Harbour, Newfoundland, which began operations in 2014, and copper concentrate is sold on the open market.

The Voisey’s Bay underground mine extension project (VBME) is expected to replace production from the existing Voisey’s Bay open-pit mine and extend the mine life of the Voisey’s Bay operation from 2023 to 2034. Estimated average annual production will be around 45,000 tonnes of nickel, 20,000 tonnes of copper and 2,600 tonnes of cobalt. VBME start-up is expected in the first half of calendar 2021.